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GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company

Goods and Services Tax - 86/05/2019- GST - Dated:- 1-1-2019 - Circular No. 86/05/2019- GST F. No. 354/428/2018-TRU Government of India Ministry of Finance Department of Revenue Tax research Unit Room No. 156, North Block, New Delhi, the 1st January, .....

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ng clarification on following two issues: (i) What is the value to be adopted for the purpose of computing GST on services provided by BF/BC to a banking company? (ii) What is the scope of services provided by BF/BC to a banking company with respect .....

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I s Circular No. DBOD.No.BL.BC. 58/22.01.001/2005-2006 dated 25.01.2006 and subsequent instructions on the issue (referred to as guidelines hereinafter), banks may pay reasonable commission/fee to the BC, the rate and quantum of which may be reviewed .....

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ble service charges from the customers for such service in a transparent manner. The arrangements of banks with the Business Correspondents specify the requirement that the transactions are accounted for and reflected in the bank's books by end o .....

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mpany is the service provider in the business facilitator model or the business correspondent model operated by a banking company as per RBI guidelines. The banking company is liable to pay GST on the entire value of service charge or fee charged to .....

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ope of exemption to services provided in relation to accounts in its rural area branch vide Sl. No. 39 of Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017 be clarified. This clarification has been requested as the exemption from tax on s .....

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